US Banks See Gains; Stress Test Findings Due May 4
American The Some experts think banks orted more than two But the same is not true for the housing President Obama warned in a speech on Tuesday that economic BARACK OBAMA: “But from where we stand, for the The president suggested that the economy One All nineteen banks are expected to pass Yet some small banks have already paid back aid from the The On Tuesday, the bank sold more than five billion And that’s the VOA Special English Economics If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.
Financial stocks have been rising since early March. Now, government officials plan to announce results of their examinations of 19 big banks. Transcript of radio broadcast: This is the VOA Special English Economics Report. American officials say they will publish results on May fourth from a special examination of banks. The purpose was to see if the country’s nineteen largest banks could survive losses in the event that the recession got even worse. The Obama administration announced the so-called stress tests in February as part of efforts to rebuild the trust of investors. If banks are told they need more capital, they will have six months to raise the money from private markets or the government. Some experts think banks have seen the worst of their losses and that the worst of the financial crisis may already have passed. On Thursday JPMorgan Chase rep But the same is not true for the housing market. The Commerce Department reported Thursday that the building of new homes fell in March to the second-lowest level on record. President Obama warned in a speech on Tuesday that economic pain will continue through this year and that losses of jobs and homes will not end soon. BARACK OBAMA: “But from where we stand, for the very first time, we are beginning to see glimmers of hope.” The president suggested that the economy could have reached the beginnings of a recovery. One sign is that the Standard & Poor’s list of five hundred stocks has risen more than twenty-five percent in the past five weeks. The S&P hit a twelve-year low in early March. Financial stocks have had some of the largest gains. All nineteen banks are expected to pass the stress tests. But how the results will be presented is not clear. There is debate over whether releasing too much information might cause more harm than good. Some people might rush to withdraw money from weaker banks. Yet some small banks have already paid back aid from the government. The eight largest banks in the country have received about one hundred sixty-five billion dollars in aid. Goldman Sachs received ten billion last October from the Troubled Asset Relief Program. Now it wants to pay that back. On Tuesday, the bank sold more than five billion dollars in common stock in an effort to pay back the government. That was a day after it announced better-than-expected earnings. By returning the aid, Goldman Sachs could free itself from government limits on pay for top employees. And that’s the VOA Special English Economics Report, written by Mario Ritter. For more business news, go to voaspecialenglish.com. If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.
This is the VOA Special English Economics Report.
officials say they will publish results on May fourth from a special
examination of banks. The purpose was to see if the country’s nineteen largest
banks could survive losses in the event that the recession got even worse.
Obama administration announced the so-called stress tests in February as part
of efforts to rebuild the trust of investors. If banks are told they need more
capital, they will have six months to raise the money from private markets or the
government.
have seen the worst of their losses and that the worst of the financial crisis
may already have passed. On Thursday JPMorgan Chase rep
JPMorgan Chase is among banks that have reported strong results
billion dollars in profit for the first three months of this year. That was
better than expected. Earlier, Goldman Sachs and Wells Fargo also reported
strong results.
market. The Commerce Department reported Thursday that the building of new
homes fell in March to the second-lowest level on record.
pain will continue through this year and that losses of jobs and homes will not
end soon.
very first time, we are beginning to see glimmers of hope.”
could have reached the beginnings of a recovery.
sign is that the Standard & Poor’s list of five hundred stocks has risen
more than twenty-five percent in the past five weeks. The S&P hit a
twelve-year low in early March. Financial stocks have had some of the largest
gains.
the stress tests. But how the results will be presented is not clear. There is
debate over whether releasing too much information might cause more harm than
good. Some people might rush to withdraw money from weaker banks.
government.
eight largest banks in the country have received about one hundred sixty-five
billion dollars in aid. Goldman Sachs received ten billion last October from
the Troubled Asset Relief Program. Now it wants to pay that back.
dollars in common stock in an effort to pay back the government. That was a day
after it announced better-than-expected earnings. By returning the aid, Goldman
Sachs could free itself from government limits on pay for top employees.
Report, written by Mario Ritter. For more business news, go to voaspecialenglish.com.
US Banks See Gains; ‘Stress Test’ Findings Due May 4
16 April 2009
JPMorgan Chase is among banks that have reported strong results
orted more than two billion dollars in profit for the first three months of this year. That was better than expected. Earlier, Goldman Sachs and Wells Fargo also reported strong results.
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